我国商业银行次级债发行与发展研究

【作者】 王旭梅；

【导师】 陈军晖；

【作者基本信息】 东北财经大学 ， 金融学， 2005， 硕士

【摘要】 2004年2月27日中国银监会发布了《商业银行资本充足率管理办法》，综合借鉴了新老巴塞尔资本协议的标准，规定2007年1月1日为商业银行资本充足率的最后达标期限。在过渡期内，未达标的商业银行要制定切实可行的资本补充计划，银监会将监督各银行资本补充计划的落实情况，并采取相应的监管措施。 目前，我国商业银行资本充足率与《巴赛尔协议》及《办法》的相关要求相比还存在较大的差距，而且资本结构单一，附属资本所占比重非常低。由于次级债可以计入银行附属资本，可以提高资本充足率，满足监管要求。在缺乏其他融资渠道的情况下，发行次级债补充银行资本金必然成为各家银行的首选，这对银行自身的经营和市场竞争能力，乃至整个金融体系的稳健和宏观经济的稳定，都具有重要的意义。因此，有关部门从促进金融市场健康发展的角度出发，相继出台了《关于将次级定期债务计入附属资本的通知》和《商业银行次级债券发行管理办法》，为我国商业银行提高资本充足率和拓宽资本补充渠道扫清了政策上的障碍。 2003年底，兴业银行完成30亿元次级债务的发行，成为国内首家实现次级债务补充资本的商业银行。随后，各家银行纷纷加入到发债银行的行列，掀起了一股发行次级债的高潮。但是，和国外商业银行相比，中国商业银行目前的次级债发行刚刚处于起步阶段，国内次级债在各方面来看，仍存在不少问题因此有必要借鉴国外商业银行的成熟的经验和做法来发展我国次级债市场。 本文第一部分简单的介绍了一下我国商业银行发行次级债的背景、选题意义及已有的有关研究成果；第二部分介绍了次级债的几个有关理论，包括次级债的结构设计、定价原理和市场约束机制；第三部分中首先讨论了我国商业银行发行次级债的原因、现状，然后分析了我国商业银行发行次级债的前景，包括测算次级债券发行规模和分析次级债券发行对象；第四部分在介绍了美国和欧洲次级债的发行情况后，对中外商业银行次级债的发行目的、募集方式、期限、定价、类型、持有对象等方面作了比较和分析；第五部分是在第四部分的基础上提出的一些完善我国商业银行次级债市场的建议。更多还原

【Abstract】 Considering the standard of old and new Basel commitment, China Banking Regulatory Commission (CBRC) issued The Measures on Rate on Capital Adequacy of Commercial Banks on February, 27th, 2004, regulating that the deadline of conforming to the standard is January 1st, 2007. In the transition period, commercial banks that haven’t been in line with the standard must set down the feasible plan for the supplement of capital. At the same time, CBRC will monitor that how the plan is carrying out and take corresponding supervising measures.Now there exists comparatively great distance about rate on capital adequacy from Basel Agreement and Measures. Besides, capital structure is singular; the ratio of supplementary capital is low. Subordinated debt can be counted as Bank supplementary capital, so its rise can increase rate on capital adequacy and can go a long way to meet the requirement. With no other financing alternatives, commercial banks may make good use of the issuance of subordinated debt. It is meaningful for the development of finance system and economy environment. So, related department published The Notice of Numbering Subordinated Debt as Supplementary Capital and The Management Measures on Commercial Bank issuing Subordinated Debt. It goes a long way to the increase of rate on capital adequacy and to multiple ways of supplementing capital.Industrial Bank issued 3 billion subordinated debts at the end of 2003. It became the first bank which supplementing capital by the use of subordinated debt. Then many commercial banks adopted the same solutions. The use of subordinated debt became a fashion. But comparing with foreign merchant banks, what China merchant banks did is only at preliminary stage and still has many problems. So it’s worth to learn from the excellent practice implemented by foreign commercial banks.The first part introduces some background behind the issuance of subordinated更多还原